USDINR
On Tuesday, USDINR is likely to commence within a weaker note between 75.45 – 75.55 levels but a bounce could be possible as the greenback rose for three straight sessions, as civilian killings in north Ukraine and the prospect of increased sanctions pushed investors to seek safety in the greenback. The Rupee getting support from the equity (Nifty 50) front which is trading near an all-time high.
THE NEW SANCTIONS
French President Emmanuel Macron called for new sanctions and said there were clear indications Russian forces had committed war crimes in the town of Bucha.
German Defence Minister Christine Lambrecht said the European Union should discuss ending Russian gas imports. Russia supplies some 40% of Europe's gas needs.
German Chancellor Olaf Scholz said Russian President Vladimir Putin and his supporters would "feel the consequences" of events in Bucha, outside the capital Kyiv, where a mass grave and tied bodies shot at close range were found.
OIL PRICE
Overnight Oil prices jumped over 3%, with investors worried about tighter supply as mounting civilian deaths in Ukraine increased pressure on European countries to impose sanctions on Russia's energy sector.
THE FED
Investors also are looking ahead to the release on Wednesday of the minutes from the Federal Reserve's last policy meeting for signs that the U.S. central bank could raise its benchmark overnight interest rate by half a percentage point next month.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - UPSIDE SELL (Mid Term)
INTRADAY RANGE – 76.09 (75.71 – 75.34) 74.96
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